3/11/2012

World’s Longest Submarine Electricity Cable To Be Built Between Israel, Cyprus, Greece

The EuroAsia Interconnector, the world’s longest submarine electricity cable reaching 540 nautical miles at a depth of 2000 meters and delivering 2000 MW, is set to be built between Israel, Cyprus and Greece, according to a new agreement signed on March 4th in Haifa.

“Greece will increase its energy efficiency and become a significant player in the european energy chess board. Cyprus will cease being an island and secure a steady flow of energy in and out of the country. And Israel will become a major energy provider to the European continent while strengthening its energy sustainability,” said chairman of ΔΕΗ – Quantum Energy, Nasos Ktorides.

Studies on the ambitious project are currently underway and will be presented later in the year, said Ktorides.

Cypriot Ambassador to Israel Dimitris Hadjiargyrou, Israel’s Energy and Water Minister Uzi Landau and Greek Ambassador to Israel Kyriakos Loukakis signed a memorandum of understanding with the chairman of the board of DEH Quantum Energy Athanasios Ktoridis and Israel Electric Corporation (IEC) officials. The agreement is to launch a trilateral cable project that will ultimately link Israel’s electricity supply with that of the European Union, through Cyprus and Crete.

For both Israel and Cyprus, connecting the countries through an underwater cable will foster more than just electrical stability for two energy islands – it will further the sense of “duty and friendship” between two allies. Through this project we shall develop a better understanding of our diverse and bountiful cultures,” Ktoridis said in Jerusalem on Sunday according to Jerusalem post.

DEH Quantum Energy is owned by Greece’s DEH state Power Corporation, Quantum Energy of Cyprus and the Bank of Cyprus.

The project named “Euroasia Interconnector” will have a capacity of 2,000 megawatts and it will require 287 kilometres long cable, buried at a depth of more than 2,000 meters – “one of the biggest in the world,” according to Yakov Hain, senior vice president of engineering projects at IEC.

Ultimately, electricity lines will run from Israel to Cyprus to Crete, and then through the existing cable to mainland Greece, enabling the connection of European and Asian electricity supplies, Hain added.

“The first thing that came to my mind was the crossing of the Red Sea when the Jews left Egypt, to the big world, to the homeland,” he said, showing a picture of Moses parting the waters. “We are also doing something like this – after 3,500 years, we will also be part of the big world.”

Amid financial crisis, rather than compete against each other, Israel, Greece and Cyprus came together to invest in cooperative activity. Greece is in the process of increasing its energy efficiency and is becoming a more significant player in the European energy chessboard, while Cyprus will be able to secure the in-and-out energy flow. Israel, in turn, can become a major energy provider to the European continent and strengthen its own energy sustainability.” Ktoridis said.

“Nothing would be possible if it were not for the fertile imaginations of our three countries. We shall create a more optimistic and joyful world for our generations to come,” he added.

“For Israel it is also important to just be connected to Europe,” Landau said. “We are an energy island and this has its political significance.”

“What we do today is just for the direct improvement of energy and economic relations between Israel, Cyprus and Greece,” Landau added. “This is just the first step… We hope this will be an anchor for stability in this beleaguered part of the world.”

“We are anxiously waiting for the results of this feasibility study,” Hatziargyrou said. “It is an important development and it comes at a time when the relationship between Cyprus and Israel is blossoming. As we experienced this past summer in Cyprus [with] the destruction of the power station we really feel the need for what we call energy security.”

“I am sure that in the near future Israel will be connected not only to Cyprus but to the European grid,” IEC chairman Yiftach Ron Tal, said, adding that this will pave the way for more cooperative projects between IEC and DEH Quantum Energy.

The cost of the project should be roughly 1.5 billion Euros and is slated to start immediately, with a feasibility study presented to all three governments in roughly six to eight months.